Student Loan Forgiveness Is Top Education Priority for Voters This Election: Survey

The 2020 presidential election is around the corner, and while voters might be focusing on the economy or the COVID-19 pandemic, many are also worried about education issues.

A new Student Loan Hero survey found that when it comes to education, student loan forgiveness is the top concern, cited by nearly 1 in 5 respondents, with a majority hopeful it could happen soon.

In terms of views on the candidates themselves, however, the survey found Americans split over which contender – President Trump or former Vice President Joe Biden – made them feel more optimistic about education policy.

Key findings: Student loan forgiveness (18%) and more equitable funding for K-12 public schools (16%) were the top two most important education policy issues cited. (Read more) Biden narrowly beats out Trump (41% to 40%) as the candidate about whom respondents felt more optimistic in terms of education policy. However, 15% of those questioned said neither candidate made them feel hopeful about education policy. (Read more) More than three-quarters of Americans said they were willing to take on an additional tax burden for certain education policies, especially better pay for teachers (27%) and student loan forgiveness (26%). (Read more) Consumers have slightly higher hopes for the passage of mass student loan forgiveness within the next five years (55%) than they do for the possibility of tuition-free college (50%). (Read more) Although tuition-free college was cited by some as a top policy priority, 61% of respondents have misconceptions about what that policy actually means. (Read more) About half of those polled felt that the presidential candidates were not focusing on education-related policies enough. (Read more) Student loan forgiveness tops list of most important education policies

With the national student loan debt now higher than ever ($1.64 trillion according to the latest count), the idea of mass student loan forgiveness has been a frequent topic of public conversation and media reports. And in fact, our survey found student loan forgiveness to be the education policy most sought after by respondents.

In total, 18% of consumers said student loan forgiveness was their top priority education issue, making it the most-cited concern for Democrats, Republicans and independents alike.

Following close behind were “more equitable funding for K-12 schools” (16%), “better pay for teachers” (14%), and “tuition-free college” (12%).

Student loan forgiveness was the top education policy focus for Generation Z, millennial and Generation X respondents, while baby boomers were more concerned with K-12 funding, and the silent generation cared most about more coronavirus-related aid for schools.

Current student loan borrowers were more strongly in favor of forgiveness, with 45% listing it as their No. 1 concern.

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Potential voters split on which candidate would be better for education

Respondents were more or less evenly split on which candidate would be better for education, with 41% picking Biden and 40% naming Trump.

Biden had a bigger lead among Gen Z, with 52% saying he made them feel more optimistic about education policy, as opposed to just 17% saying the same for Trump. About 43% of millennials responded that Biden gave them hope about education policy, compared to 35% of them sharing the same sentiment about Trump. For more comparison among the age groups, 55% of Gen Xers favored Trump on education issues, versus 33% preferring Biden.

Meanwhile, about 15% of those polled said neither candidate made them feel hopeful about education policy, including 27% of Gen Z (the highest proportion with this answer among the age groups surveyed). Only 3% said both Trump and Biden made them optimistic for better education policy.

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More than 1 in 4 would pay more taxes for better pay for teachers

Some education policies might require consumers to pay higher taxes or otherwise strain government budgets. Nonetheless, more than three-quarters of respondents said they’d be willing to take on a higher tax burden in order to implement certain policies.

For example, 27% said they would pay more in taxes if it meant better pay for teachers. Likewise, 26% would pay more for student loan forgiveness for all borrowers, 25% would be willing to do so for more equitable funding for K-12 public schools, and 23% would accept an increase in their tax bill if it meant tuition-free college.

Current student loan borrowers were especially willing to accept a future tax raise in exchange for student loan forgiveness, with 52% in favor.

On the other hand, 24% said none of the education policies listed would be worth a tax hike. Views differed here based on partisan leanings, as self-identified Republicans were more likely to rule out adding taxes for such programs (26%) compared to Democrats (13%).

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About 1 in 2 say student loan forgiveness and tuition-free college may happen soon

As for whether such policy proposals might be enacted in the future, a majority of respondents saw tuition-free college (50%) and student mass loan forgiveness (55%) as either “somewhat likely” or “extremely likely” to become reality by 2025.

Views on this differed by partisan leanings, with more self-identified Republicans seeing mass forgiveness as “extremely likely” over the next five years, compared to their Democratic counterparts (30% versus 21%).

The same trend held for those predicting tuition-free college as extremely likely, with more Republican supporters holding this opinion than Democrats (29% versus 16%).

As for generational differences, 41% of Gen X respondents said student loan forgiveness was extremely likely over the next five years, while somewhat fewer Gen Zers (16%) and millennials (24%) agreed. Among baby boomers and the silent generation, however, only 5% saw an extreme likelihood of mass forgiveness.

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Voters unclear on what tuition-free college means

Despite tuition-free college being one of the top education concerns, the majority of those surveyed had misconceptions about what the policy actually means.

Just 39% were aware that tuition-free college generally means students would still need to pay for housing, meals, books and course fees. But 31% mistakenly believed “tuition-free” included housing and meal costs, and 30% thought it would cover all of a student’s expenses.

A larger proportion of younger respondents had these misconceptions, compared to older generations. Likewise, current student loan borrowers were more likely to wrongly think the proposal includes all expenses (49%) than were those who never took out student loans (24%).

The truth is that “tuition-free” – as the term is used by most colleges and policymakers –usually refers only to covering students’ tuition, rather than the entire “cost of attendance.”

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Most think candidates aren’t focusing enough on education policy

While our survey found that many prospective voters do care about education-related issues, a slight majority (51%) said the two main presidential candidates were not focusing on education policies enough during their campaigns.

Student loan borrowers were especially likely to feel this way (62% versus 47% who never had student loans). At the same time, more self-identified Democrats (61%) and independents (50%) felt this way than did self-identified Republicans (43%).

Regardless of their priorities when it comes to education issues, a large majority of respondents said they planned to make their voices heard this November. Roughly 82% said they were either “100% likely” or “most likely” to vote, while about 10% were “somewhat unlikely” or “100% unlikely,” and 9% were unsure. This would compare to a 61% voter turnout in 2016, as reported by the U.S. Census Bureau.

The post Student Loan Forgiveness Is Top Education Priority for Voters This Election: Survey appeared first on Student Loan Hero.